The NCAA weighed in and provided these harsh punishments to Penn State, not because of anything the current players did, but rather the culture that existed at Penn State that allowed for these horrible actions to continue for way too long. I think the NCAA, despite "bending" their rules, were well intentioned in their actions and justifiable given the culture existing at Penn State around the football program. Although the individuals associated with the actions are no longer associated formally with the university, if the NCAA comes in and takes away these sanctions (virtually admitting they were wrong in instituting such strong sanctions), the purpose of their actions will go to the wayside.
I know a number of Penn State fans/alumni, and the culture at Penn State has not changed. Obviously, no one associated with Penn State actually believes anything that happened during the Sandusky scandal was acceptable by any means (we can joke about them being irrational, but they don't agree the "cover-up" was OK or the Sandusky actions were acceptable), but the culture of free-range to the football program still reigns strong in State College. With a strong personality at Penn State in Franklin, removing these sanctions will only encourage the Penn State community to allow Franklin (or anyone else) interested in bending or breaking rules (whether NCAA, society or legal) to do so (I am not accusing Franklin or anyone else of any rule breaking with that last comment).